Pioneering biodiesel producer Argent Energy offered

23 July 2013

Argent Energy, a leader of massive business of biodiesel in the UK, has actually been purchased by a green investment firm.

Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for a concealed sum.

Argent makes green roadway fuel by recycling wastes and residues such as used cooking oil and tallow from the meat industry.

The firm will stay in personal ownership and will continue to run individually.

Its senior management, including chairman Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to remain with the business.

Souter Investments, the private financial investment company of transportation magnate Sir Brian Souter, verified it had offered its 37% stake in Argent.

'Future potential'

Mr Walker stated the investment by John Swire highlighted Argent's strong market position, including there was now an opportunity "to take Argent's skills further afield".

Barnaby Swire, of John Swire, stated his company was committed to "checking out and investing in innovative and viable green markets".

He added: "We are pleased to be obtaining Argent Energy, a business which our company believe can grow and prosper not only within the UK but also overseas, in particular in Asian markets with which Swire Group companies are familiar.

"John Swire & Sons Ltd sees in Argent Energy's employees a mix of qualities and values that work with our own, and look forward to dealing with them to increase Argent Energy's future potential."

Argent was developed in 2001. In 2009 it was bought by a consortium that included senior management together with Souter Investments.

Its plant at Newarthill, near Motherwell, has the capacity to produce as much as 50 million litres of biodiesel a year.

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